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A conflict of a rather different nature is being fought in investment houses around the country. The subject of this discord is Promina, the Australian insurance company soon to be sold by British owner Royal & SunAlliance (RSA).

On one side are the fund managers and institutions hammering home their view that the stock is worth $1.50 a share, at best. On the other side are float advisers Macquarie Bank and Goldman Sachs, who are insisting that RSA is not a forced seller and Promina is worth $2.00 a share.

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